Market Outlook Market Outlook: Dealer's Diary

Market Outlook
March 26, 2013
Dealers Diary
Domestic Indices
The Indian market is expected to open in the red following negative start to SGX
Nifty and major Asian Indices amid concerns that Cypruss bank restructuring plan
will be used as a template for other European nations, imperiling bondholders and
depositors.
The US markets failed to sustain an early upward move and turned lower over the
course of the trading day on Monday. The downturn came as traders digested
news of a new bailout agreement for Cyprus and its potential ramifications for
other debt plagued nations. The global markets reversed direction following
comments made by Jeroen Dijsselbloem, the Dutch Finance Minister, who stated
that the Cyprus deal could become a template for resolving euro zone banking
problems going forward. As a part of the bailout package, Cyprus has secured a
EUR10bn bailout from the European Union, the European Central Bank and the
International Monetary Fund. The terms of the bailout call for major reforms of the
Cypriot banking system, including winding down of the nation's second largest
bank Laiki.
Meanwhile, Indian markets ended in the red for a seventh consecutive session as
political uncertainty continued to weigh on the markets. Going ahead, traders are
likely to keep an eye on developments on the global front including the release of
US reports on durable goods orders, new home sales, and home prices.
Markets Today
Indices
S2
S1
PIVOT
R1
R2
SENSEX
18,466
18,574
18,762
18,870
19,058
NIFTY
5,565
5,599
5,659
5,693
5,753
News Analysis
Positive global cues but domestic political uncertainty weighs

TCS wins US$43mn contract from Norway Post
Tamil Nadu blocks GAILs Kochi-Bengaluru pipeline
(0.3)
(54.2) 18,681
(0.3)
(17.5)
5,634
MID CAP
(0.3)
(19.6)
6,060
SMALL CAP
(0.8)
(46.0)
5,727
BSE HC
(0.2)
(19.3)
7,933
12.8
6,390
BSE PSU
0.2
BANKEX
(0.7)
(85.0) 12,782
AUTO
(0.8)
(79.1) 10,036
METAL
(0.7)
(61.3)
8,564
0.5
40.9
8,463
(0.2)
(10.5)
6,777
(Pts)
(Close)
OIL & GAS

BSE IT
Global Indices
Chg (%)
Dow Jones
(0.4)
(64.3) 14,448
NASDAQ
(0.3)
(9.7)
3,235
FTSE
(0.2)
(14.4)
6,378
Nikkei
1.7
207.9 12,546
Hang Seng
0.6
135.8 22,251
Straits Times
0.3
8.9
3,267
(0.1)
(1.6)
2,327
Chg (%)
(Pts)
(Close)
INFY
(0.2)
(0.1)
$52.3
WIT
(0.3)
(0.0)
$9.9
IBN
(0.8)
(0.3)
$40.1
0.3
0.1
$36.6
Indian ADR
HDB
Advances / Declines
BSE
NSE
Advances
1,028
556
Declines
1,884
962
122
78
Volumes (` cr)
Net Inflows (March 22, 2013)

` cr
Purch
Sales
Net
MTD
YTD
FII
3,134
2,930
204
9,025
53,377
555
544
11
(1,572)
(7,133)
FII Derivatives (March 25, 2013)

` cr
Purch
Sales
Net
Open Interest
Index Futures
4,801
4,603
198
13,756
Stock Futures
7,839
7,841
(2)
25,264
Gainers / Losers
Gainers
Losers
Company
Price (`)
chg (%)
Price (`)
chg (%)
GMR Infra
22
9.5
MMTC
217
(4.9)
Essar Oil
77
8.4
Unitech
23
(4.2)
Opto Circuits
53
6.7
Adani Enterprise
194
(4.0)
Gujarat Fluo
291
5.3
Indian Oil Corp
279
(3.9)
DLF
242
4.8
Strides Arco
828
(3.8)
www.angelbroking.com
(Close)
Nifty
Unchanged
Refer detailed news analysis on the following page
MFs
(Pts)
BSE Sensex
Shanghai Com
The trend deciding level for the day is 18,762 / 5,659 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 18,870 19,058 / 5,693 5,753 levels. However, if NIFTY trades below
18,762 / 5,659 levels for the first half-an-hour of trade then it may correct up to
18,574 18,466 / 5,599 5,565 levels.
Chg (%)
Company
BSE
2,145
NSE
10,104
Market Outlook
March 26, 2013
Positive global cues but domestic political uncertainty

weighs
Cyprus reached a Euro10bn bailout deal to avoid bankruptcy with the troika (EU,
IMF, ECB) and the agreement involves restricting the oversized banking sector and
shutting its second-largest bank. After the first deal failed the European Central
Bank (ECB), which is providing emergency lending assistance to the banks,
compelled the country to reach an agreement until Monday to avail continued
assistance and avoid collapse of the banking sector. Under the deal, one of the
largest banks - Laiki Bank will be wound up and deposits over Euro100,000 in
Laiki as well as Bank of Cyprus (the largest lender) would take a major haircut to
recapitalize the over-extended banking sector in the economy. The uninsured
deposits at Laiki are expected to garner Euro4.2bn. The initial deal involved
recouping about Euro5.8bn from bank depositors. It was rejected with an
overwhelming vote in the Parliament (36 against, none in favor and 19
abstentions). IMF chief Christine Lagarde remarked that the agreement was "a
comprehensive and credible plan to deal with the current economic challenges in
the country. Cyprus is likely to get the first tranche of the Euro10bn bailout in
May.
Cyprus had requested for a bailout package in June 2012, owing to the banks
mounting losses after being heavily exposed to Greek debt. At its peak, the
banking system in Cyprus was eight times the size of the economy. The size of the
economy itself is relatively small since it accounts for 0.2% of the total Eurozone
output, with real GDP of Euro15bn in 2011. It is the fifth bailout for a Eurozone
economy following those in Greece, Portugal, Ireland and Spain.
Meanwhile, political uncertainty in the domestic economy continued to weigh on
markets. Media reports suggest that Samajwadi Party chief Mulayam Singh Yadav
is keen on revival of a third-front government. Last week, the DMK, a key ally of
the ruling UPA government with 18 seats in the Lok Sabha, decided to withdraw
from the government. At the moment, the ruling coalition continues to remain
stable owing to outside support by the SP (22 seats) and BSP (21 seats) taking its
tally above the majority mark of 271 seats and their support remains crucial for
the government to stay in power.
TCS wins US$43mn contract from Norway Post

TCS and global outsourcing services firm Capgemini have been awarded contracts
worth US$43mn (~`233cr) each by Norway Post to operate and manage its
applications. The 6-year deal encompasses delivery of a wide range of services
across Norway Post's core portfolio of 55 applications. It delivers over 36mn
packages and 2.2bn letters annually. As a part of the contract, TCS will be
responsible for delivery of a wide range of application development and support
services across Norway Posts core portfolio of 55 applications. Additionally, TCS
has also been entrusted to coordinate and drive the overall transition and
transformation programme for Norway Post across multiple vendors. On its part,
Capgemini will be responsible for delivery of application management and
development of core applications. Through this initiative, Norway Post is
implementing a structured multi-sourcing model to drive efficiency and support
their Nordic integrated business strategy. While Capgemini employs ~4,500
employees in the Nordic region serving about 103 clients, TCS has ~1,600
Market Outlook
March 26, 2013
employees in the region. We continue to remain positive and maintain Accumulate

rating on the stock with a target price of `1,624.
Tamil Nadu blocks GAILs Kochi-Bengaluru pipeline

Tamil Nadu government has blocked work on Kochi-Bengaluru GAIL gas pipeline.
The Tamil Nadu government stated that it will not allow GAIL to lay pipelines on
agricultural land and asked it to lay them on roadsides along the national
highways. The pipeline has already been delayed on account of land acquisition
issues since past several months. Hence, we did not factor the volumes from this
pipeline in our estimates. We maintain our Neutral view on the stock.
Economic and Political News
Interest rate on small savings, PPF lowered by 0.1%

Loans to PPP infra projects to be treated as secure loans: RBI
Tax still a barrier as foreign debt investor rules eased
Railways reduces haulage charges in container traffic from April
Corporate News
Bajaj Finance to enter rural market

Bharti Airtel hits overseas debt market again
Colgate Palmolive (India) to sell division for `60cr
L&T to buy 50% in Future Generali Insurance
PepsiCo ties up with eight IPL teams as pouring partner
Tata Power's 4,000MW Mundra UMPP becomes operational
Uttam Galva sets floor price for QIP at `76.5 per share
Zydus Cadila working on HPV, anti-malaria and pentavalent vaccines
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
March 26, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
March 26, 2013
7:30PM
US
Consumer Confidence
7:30PM
US
New home sales
3:30PM
Euro Zone Euro-Zone Consumer Confidence
3:00PM
UK
GDP (YoY)
% Change
4Q F
0.30
0.30
6:00PM
US
Initial Jobless claims
Thousands
Mar 23
336.00
340.00
2:25PM
Germany Unemployment change (000's)
Thousands
Mar
(3.00)
(1.50)
6:00PM
US
GDP Qoq (Annualised)
% Change
4Q T
0.10
0.50
April 1, 2013
6:30AM
China
PMI Manufacturing
Value
Mar
50.10
--
April 2, 2013
1:25PM
Germany PMI Manufacturing
Value
Mar F
48.90
--
2:00PM
UK
Value
Mar
47.90
--
1:25PM
Germany PMI Services
Value
Mar F
51.60
--
4:30PM
UK
% Ratio
Apr 4
0.50
0.50
5:15PM
Euro Zone ECB announces interest rates
Apr 4
0.75
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Mar
236.00
190.00
6:00PM
US
Unnemployment rate
Mar
7.70
7.70
7:00AM
China
Consumer Price Index (YoY)
% Change
Mar
3.20
--
2:00PM
UK
Industrial Production (YoY)
% Change
Feb
(2.90)
--
4:29PM
China
Exports YoY%
% Change
Mar
21.80
--
4:29PM
India
Imports YoY%
% Change
Mar
2.60
--
March 27, 2013

March 28, 2013
April 4, 2013
April 5, 2013
April 9, 2013
April 10, 2013
PMI Manufacturing
BOE Announces rates
S.A./ 1985=100
Mar
69.60
67.50
Thousands
Feb
437.00
420.00
Value
Mar F
(23.50)
(23.50)
4:29PM
India
Exports YoY%
% Change
Mar
4.20
--
11:00AM
India
Industrial Production YoY
% Change
Feb
2.40
--
6:00PM
US
Producer Price Index (mom)
% Change
Mar
0.70
--
7:30AM
China
Industrial Production (YoY)
% Change
Mar
10.30
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Mar
6.84
--
7:30AM
China
Real GDP (YoY)
% Change
1Q
7.90
--
6:00PM
US
Housing Starts
Thousands
Mar
917.00
--
6:00PM
US
Building permits
Thousands
Mar
946.00
--
2:00PM
UK
CPI (YoY)
% Change
Mar
2.80
--
2:30PM
Euro Zone Euro-Zone CPI (YoY)
Mar
1.80
--
6:00PM
US
Consumer price index (mom)
% Change
Mar
0.70
--
6:45PM
US
Industrial Production
Mar
0.75
--
2:00PM
UK
Jobless claims change
% Change
Mar
(1.50)
--
April 22, 2013
7:30PM
US
Existing home sales
Millions
Mar
4.98
--
May 1, 2013
11:30PM
US
FOMC rate decision
May 1
0.25
--
May 3, 2013
11:00AM
India
RBI Repo rate
May 3
7.50
--
11:00AM
India
RBI Cash Reserve ratio
May 3
4.00
--
11:00AM
India
RBI Reverse Repo rate
May 3
6.50
--
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
(0.60)
--
11:30AM
Germany GDP nsa (YoY)
% Change
1Q P
0.10
--
April 12, 2013

April 15, 2013
April 16, 2013
April 17, 2013
May 15, 2013
Source: Bloomberg, Angel Research
Market Outlook
March 26, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends

10.0
(%)
(%)
11.2
6.0
(0.1)
(1.3)
7.6
Jan-13
Dec-12
Nov-12
Exhibit 4: Manufacturing and services PMI

Mfg. PMI
58.0
7.6
Oct-12
Mar-12
Source: MOSPI, Angel Research
(%)
7.5
(0.8) (0.5)
(0.7)
(2.0)
(2.8)
(4.0)
Feb-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
(2.0)
Sep-12
5.3 5.5 5.3

4.5
7.7
2.4
2.0
Aug-12
6.0
Jul-12
5.7
2.5
2.0
Jun-12
6.5
Exhibit 3: Monthly WPI inflation trends
7.5
8.0
Services PMI
8.1
7.3
7.2
7.3
6.6
6.8
56.0
54.0
52.0
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends

(%)
48.0
Feb-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
50.0
Mar-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
4.3
4.0
7.5
May-12
7.6
7.5
8.2
Apr-12
8.5
Source: CSO, Angel Research
9.0
8.4
8.0
9.2
9.0
1QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.50
Imports yoy growth
30.0
Reverse Repo rate
CRR
8.50
15.0
7.50
7.50
6.50
6.50
Source: Bloomberg, Angel Research
4.00
4.50
Source: RBI, Angel Research
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
3.50
May-12
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
5.50
Apr-12
(30.0)
Aug-12
Jul-12
Jun-12
May-12
Apr-12
(15.0)
Mar-12
0.0
Market Outlook
March 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
119
2,306
1,466
1,686
14.8
14.8
7.0
8.1
16.9
14.6
3.6
3.1
22.6
22.5
1.6
1.4
United Phosphorus
Buy
120
170
5,294
8,421
9,263
16.5
16.5
15.0
17.0
8.0
7.0
1.2
1.0
15.6
15.5
0.8
0.7
Amara Raja Batteries
Buy
262
323
4,477
2,983
3,477
16.1
16.1
18.5
21.6
14.2
12.2
4.1
3.1
32.9
29.1
1.5
1.3
Apollo Tyres
Buy
82
97
4,148
13,066
14,503
11.5
11.8
13.0
14.5
6.3
5.7
1.2
1.0
21.0
19.4
0.5
0.4
Ashok Leyland
Buy
23
28
6,106
12,910
14,836
8.8
9.6
1.5
2.2
15.5
10.3
2.1
1.9
9.3
13.4
0.5
0.5
Automotive Axle#
Neutral
304
459
934
1,103
10.2
10.7
24.5
34.3
12.4
8.8
1.6
1.4
13.2
16.9
0.5
0.4
Bajaj Auto
Neutral
1,823
52,747
20,775
23,889
18.5
19.0
107.6
126.4
16.9
14.4
7.0
5.5
45.8
42.8
2.2
1.8
Bharat Forge
Accumulate
204
242
4,754
5,973
6,707
14.4
15.2
13.4
18.6
15.3
11.0
2.0
1.8
13.6
16.9
1.0
0.8
Bosch India*
Neutral
8,817
27,685
9,717
11,092
16.2
17.0
354.7
423.3
24.9
20.8
4.3
3.7
17.2
17.5
2.5
2.1
CEAT
Buy
90
163
307
4,822
5,403
8.2
8.3
29.8
40.8
3.0
2.2
0.4
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
126
10,676
6,016
7,026
12.7
14.4
5.8
7.8
21.5
16.0
3.2
2.7
15.4
18.2
1.5
1.2
FAG Bearings*
Accumulate
1,418
1,569
2,356
1,619
1,879
16.0
16.6
108.6
130.7
13.1
10.9
2.3
1.9
18.8
19.1
1.3
1.0
Hero Motocorp
Buy
1,656
1,923
33,072
23,990
27,038
13.8
14.6
105.8
120.2
15.7
13.8
6.3
5.1
44.3
41.0
1.1
0.9
JK Tyre
Buy
100
165
412
7,169
7,929
6.9
7.1
40.4
41.3
2.5
2.4
0.5
0.4
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy

Maruti
Buy
Motherson Sumi
Neutral
Subros
Buy
Tata Motors
Accumulate
TVS Motor
Buy
874
1,019
53,650
40,060
46,301
11.5
11.7
55.3
64.3
15.8
13.6
3.6
3.0
24.5
23.8
1.1
0.9
1,303
1,563
37,631
43,381
52,411
7.5
8.9
65.6
97.7
19.9
13.3
2.2
1.9
11.8
15.6
0.7
0.6
205
12,042
25,769
29,010
7.1
7.5
10.2
13.1
20.1
15.7
5.1
4.0
28.1
28.3
0.6
0.6
24
35
145
1,296
1,476
9.8
9.9
3.4
5.0
7.2
4.8
0.5
0.5
7.2
10.2
0.4
0.4
270
326
72,076 184,201 209,642
12.4
13.5
28.0
36.3
9.6
7.4
2.1
1.7
24.6
25.4
0.5
0.4
32
47
1,542
7,019
7,827
6.0
6.3
4.3
5.3
7.6
6.2
1.2
1.0
16.4
18.0
0.2
0.1
Capital Goods
ABB*
Reduce
509
487
10,787
8,073
9,052
5.5
7.2
11.3
17.4
45.2
29.3
3.9
3.6
8.9
12.8
1.4
1.2
BGR Energy
Neutral
183
1,323
3,412
4,104
13.0
11.6
24.6
26.2
7.5
7.0
1.1
1.0
30.7
25.7
0.7
0.7
BHEL
Neutral
180
44,057
47,801
43,757
18.0
17.1
24.1
20.8
7.5
8.7
2.2
1.9
32.9
23.6
0.8
0.9
Blue Star
Buy
160
238
1,441
2,748
2,896
4.4
5.6
6.8
9.3
23.6
17.2
3.2
2.8
14.5
17.6
0.6
0.6
Crompton Greaves
Buy
92
129
5,902
12,136
13,790
3.8
6.3
3.3
6.9
27.8
13.4
1.6
1.5
5.8
11.5
0.5
0.5
Jyoti Structures
Buy
28
49
230
2,802
3,074
9.5
9.8
7.7
10.9
3.6
2.6
0.3
0.3
9.6
12.1
0.3
0.3
KEC International
Buy
51
75
1,323
6,909
7,723
6.2
7.2
5.4
8.4
9.6
6.1
1.1
1.0
17.0
22.8
0.3
0.3
LMW
Neutral
1,848
2,081
2,369
2,727
11.7
11.7
143.4
166.0
12.9
11.1
2.2
2.0
17.4
18.4
0.4
0.3
Thermax
Neutral
579
6,902
5,529
5,798
9.0
9.6
27.1
30.3
21.4
19.1
3.7
3.3
18.6
18.2
1.1
1.0
Market Outlook
March 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,147
21,540
11,358
12,366
19.9
19.6
75.1
74.9
15.3
15.3
2.9
2.7
19.4
18.1
1.6
1.5
Ambuja Cements
Neutral
176
27,101
9,730
11,221
25.6
25.0
10.2
11.3
17.2
15.5
3.1
2.8
18.7
19.0
2.4
1.9
India Cements
Neutral
82
2,527
4,439
4,789
16.7
17.2
6.8
9.1
12.1
9.1
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cement
Buy
100
143
1,174
2,119
2,478
22.9
22.3
20.3
22.8
4.9
4.4
0.9
0.7
18.0
17.7
0.7
1.0
Madras Cements
Neutral
239
5,697
3,960
4,270
27.4
27.0
18.6
21.1
12.9
11.4
2.3
2.0
19.7
18.9
2.1
1.8
Shree Cement^
Neutral
4,030
14,039
5,678
6,251
29.0
28.6
288.1
334.0
14.0
12.1
3.9
3.1
31.7
28.4
2.0
1.6
UltraTech Cement
Neutral
1,856
50,899
20,466
23,017
23.3
24.3
100.0
117.1
18.6
15.9
3.4
2.9
19.6
19.5
2.4
2.3
201
268
1,057
20,466
23,017
22.5
22.5
24.4
27.0
8.3
7.4
1.0
0.9
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
11
199
2,262
2,522
5.9
6.3
0.9
1.6
11.8
6.9
0.3
0.3
2.7
4.6
0.4
0.4
IRB Infra
Buy
110
164
3,654
3,843
4,212
43.1
43.6
16.8
17.8
6.5
6.2
1.1
1.0
18.3
17.0
3.1
3.4
ITNL
Buy
181
225
3,515
6,564
7,054
27.2
27.4
26.3
29.0
6.9
6.2
1.1
1.0
17.0
16.3
2.7
2.7
IVRCL Infra
Buy
19
35
583
3,773
6,706
6.9
8.4
(3.9)
2.9
(4.9)
6.6
0.3
0.3
(5.4)
4.1
0.8
0.5
Jaiprakash Asso.
Buy
63
97
14,069
14,243
16,382
26.2
26.1
3.2
4.3
19.8
14.6
1.1
1.0
5.4
7.0
2.5
2.3
Larsen & Toubro
Buy
1,398
1,788
86,053
60,666
69,525
10.6
11.2
71.9
85.0
19.5
16.5
3.0
2.7
14.5
15.2
1.6
1.5
Nagarjuna Const.
Buy
35
44
895
5,863
6,576
8.1
8.2
3.1
4.1
11.4
8.5
0.4
0.4
3.2
4.2
0.6
0.5
Punj Lloyd
Neutral
44
1,458
11,892
13,116
10.2
10.2
(0.4)
3.0
(103.0)
14.8
0.5
0.5
3.8
0.5
0.5
Sadbhav Engg.
Buy
112
157
1,685
1,642
2,642
9.7
10.1
3.2
7.2
34.8
15.4
2.0
1.8
6.0
12.1
1.3
0.8
Simplex Infra
Buy
125
197
618
6,026
7,135
9.1
9.3
14.1
24.6
8.9
5.1
0.5
0.5
5.6
9.2
0.5
0.5
Unity Infra
Buy
28
58
206
2,180
2,455
13.7
13.4
12.9
14.8
2.2
1.9
0.3
0.2
12.1
12.5
0.5
0.4
Allahabad Bank
Buy
130
160
6,475
6,509
7,264
2.7
2.8
28.2
33.5
4.6
3.9
0.6
0.6
13.8
14.7
Andhra Bank
Neutral
95
5,330
4,795
5,475
3.0
3.0
21.8
21.9
4.4
4.4
0.7
0.7
15.4
13.8
Axis Bank
Buy
1,300
1,678
60,795
15,959
18,660
3.2
3.2
119.2
139.0
10.9
9.4
2.0
1.7
20.3
20.1
Bank of Baroda
Buy
676
850
28,487
14,889
17,393
2.5
2.6
108.2
134.0
6.3
5.1
0.9
0.8
15.3
16.7
Bank of India
Buy
293
350
17,433
12,793
14,823
2.3
2.4
49.5
65.1
5.9
4.5
0.8
0.7
13.6
16.0
Bank of Maharashtra
Accumulate
48
56
2,833
3,720
4,268
2.9
2.8
10.9
13.0
4.4
3.7
0.7
0.6
16.2
16.9
Canara Bank
Buy
382
463
16,943
10,783
12,000
2.1
2.3
64.8
82.2
5.9
4.7
0.8
0.7
13.2
15.0
Central Bank
Neutral
67
4,950
7,158
8,217
2.4
2.6
13.1
20.1
5.1
3.4
0.8
0.6
10.3
14.3
Corporation Bank
Buy
390
465
5,773
4,919
5,634
2.1
2.2
96.7
99.9
4.0
3.9
0.7
0.6
16.3
14.9
Dena Bank
Buy
91
107
3,200
3,090
3,462
2.7
2.7
25.6
24.6
3.6
3.7
0.6
0.6
19.2
15.9
Financials
Market Outlook
March 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
482
536
8,244
2,667
2,920
3.2
3.2
49.1
51.4
9.8
9.4
1.3
1.2
13.9
13.1
HDFC
Neutral
796
123,138
7,446
8,923
3.5
3.5
32.2
38.5
24.7
20.7
5.0
4.5
35.4
32.6
HDFC Bank
Accumulate
605
666
143,918
21,724
26,578
4.3
4.3
28.7
36.1
21.1
16.8
4.0
3.4
20.7
22.1
ICICI Bank
Buy
1,028
1,302
118,623
22,317
26,217
2.9
3.0
72.0
84.6
14.3
12.2
1.8
1.7
14.9
15.9
IDBI Bank
Buy
82
106
10,502
8,196
9,305
1.9
2.1
15.4
22.3
5.4
3.7
0.6
0.5
10.7
14.1
Indian Bank
Buy
162
208
6,941
5,716
6,362
3.2
3.2
37.7
41.1
4.3
3.9
0.7
0.6
16.9
16.2
IOB
Buy
J & K Bank
Accumulate
LIC Housing Finance
67
85
5,312
7,231
8,369
2.4
2.5
10.2
20.2
6.5
3.3
0.5
0.5
7.4
13.4
1,226
1,406
5,945
2,784
2,932
3.7
3.7
229.2
199.6
5.4
6.1
1.2
1.1
24.6
18.2
Buy
216
257
10,916
1,722
2,080
2.2
2.2
19.9
24.6
10.9
8.8
1.7
1.5
16.6
17.9
Oriental Bank
Buy
241
314
7,042
6,360
7,004
2.6
2.8
48.1
59.4
5.0
4.1
0.6
0.5
12.1
13.5
Punjab Natl.Bank
Buy
726
957
25,675
19,202
22,040
3.2
3.4
146.8
167.9
5.0
4.3
0.9
0.8
17.6
17.5
South Ind.Bank
Buy
23
30
3,092
1,583
1,789
3.0
2.9
3.5
4.1
6.7
5.7
1.1
1.0
19.1
17.7
St Bk of India
Buy
2,084
2,514
139,839
60,594
70,439
3.3
3.3
221.9
257.4
9.4
8.1
1.6
1.4
17.4
17.7
Syndicate Bank
Buy
115
135
6,892
6,673
7,644
2.9
3.0
32.0
27.9
3.6
4.1
0.7
0.6
22.0
16.5
UCO Bank
Neutral
56
4,177
5,388
6,262
2.4
2.6
9.0
14.9
6.2
3.7
0.8
0.7
9.1
13.8
Union Bank
Buy
218
256
12,021
10,006
11,558
2.8
2.8
36.4
47.0
6.0
4.7
0.9
0.7
14.6
16.6
United Bank
Buy
55
75
1,989
3,549
3,814
2.5
2.7
12.0
21.4
4.6
2.6
0.5
0.4
10.1
16.3
Vijaya Bank
Accumulate
47
54
2,341
2,342
2,763
1.9
2.1
8.0
10.9
5.9
4.3
0.6
0.6
10.1
12.6
Yes Bank
Buy
440
526
15,764
3,364
4,260
2.8
3.0
36.3
42.6
12.1
10.3
2.7
2.2
24.6
23.6
4,948
47,463
11,198
13,319
15.9
15.7
122.1
147.1
40.5
33.6
13.7
10.7
37.7
35.7
4.2
3.5
FMCG
Asian Paints
Neutral
Britannia
Accumulate
523
564
6,251
5,580
6,417
4.8
5.0
18.1
21.7
28.9
24.1
10.5
8.4
38.7
38.7
1.0
0.9
Colgate
Neutral
1,309
17,806
3,120
3,588
20.3
21.1
38.4
45.1
34.1
29.1
31.7
25.4
104.6
97.0
5.5
4.8
Dabur India
Neutral
134
23,286
6,196
7,183
16.3
16.8
4.5
5.5
29.7
24.4
12.3
9.5
43.4
44.0
3.8
3.2
GlaxoSmith Con*
Neutral
4,211
17,709
3,084
3,617
15.2
16.3
103.9
123.0
40.6
34.3
13.0
10.7
34.9
34.3
5.2
4.5
Godrej Consumer
Neutral
778
26,491
6,386
7,743
15.7
17.0
20.8
27.1
37.4
28.7
8.0
6.6
23.7
26.4
4.2
3.4
HUL
Neutral
459
99,282
25,350
28,974
13.3
13.5
15.1
17.0
30.4
27.1
24.2
17.2
85.7
74.3
3.8
3.3
ITC
Neutral
305
240,790
29,148
34,191
35.7
36.1
9.4
11.1
32.6
27.5
10.8
9.0
35.9
35.7
8.0
6.8
Marico
Neutral
208
13,427
4,747
5,402
13.6
13.6
6.3
7.8
32.8
26.6
6.7
5.5
26.0
22.6
3.1
2.6
Nestle*
Neutral
4,686
45,185
8,302
9,739
22.0
21.5
110.7
130.8
42.4
35.8
25.1
18.0
69.5
58.6
5.5
4.6
Market Outlook
March 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Accumulate
126
145
7,786
7,272
7,998
9.1
9.9
6.9
8.1
18.4
15.7
1.9
1.9
8.9
9.7
1.0
0.9
HCL Tech^
Accumulate
768
876
53,353
25,396
28,540
22.0
20.8
51.8
53.3
14.8
14.4
4.0
3.3
27.1
23.0
2.0
1.7
Hexaware*
Buy
86
117
2,537
1,948
2,137
20.9
18.8
10.9
10.4
7.8
8.3
2.1
1.8
27.2
22.6
1.2
1.0
Infosys
Accumulate
2,861
3,132
164,266
40,686
45,463
28.9
28.6
163.0
175.5
17.6
16.3
4.1
3.5
23.6
21.5
3.4
3.0
Infotech Enterprises
Accumulate
169
196
1,887
1,886
1,994
18.6
18.1
20.1
20.2
8.4
8.4
1.3
1.2
15.9
13.8
0.7
0.5
KPIT Cummins
Buy
101
130
1,947
2,238
2,458
15.8
15.5
10.9
13.1
9.3
7.7
2.0
1.6
22.2
20.9
0.9
0.7
Mahindra Satyam
Accumulate
124
143
14,628
7,721
8,456
21.6
19.3
8.7
10.6
14.3
11.7
3.4
2.6
30.6
22.4
1.5
1.3
Mindtree
Neutral
858
3,563
2,362
2,587
21.1
19.4
84.7
87.2
10.1
9.8
2.7
2.1
26.9
21.8
1.3
1.1
Mphasis&
Neutral
391
8,206
5,581
6,096
18.1
17.6
35.6
38.1
11.0
10.3
1.7
1.5
15.3
14.2
1.1
0.9
NIIT
Buy
20
30
332
1,048
1,161
9.1
10.9
4.1
6.2
4.9
3.3
0.5
0.5
10.3
14.1
0.2
0.1
Persistent
Accumulate
520
602
2,079
1,298
1,433
25.8
24.7
46.7
55.5
11.1
9.4
2.1
1.7
18.5
18.4
1.3
1.1
TCS
Neutral
1,541
301,598
63,016
71,548
28.8
28.5
70.9
78.1
21.7
19.7
7.2
5.8
33.0
29.5
4.6
4.0
Tech Mahindra
Buy
1,048
1,230
13,407
6,810
7,699
21.2
19.3
96.6
107.0
10.9
9.8
2.7
2.1
24.5
21.7
2.1
1.8
Wipro
Accumulate
436
473
107,357
43,546
47,122
20.1
19.8
26.6
28.2
16.4
15.5
3.3
2.8
19.7
18.2
2.1
1.8
D B Corp
Accumulate
242
276
4,442
1,583
1,787
23.9
25.4
11.9
14.5
20.4
16.7
4.0
3.5
21.4
22.4
2.7
2.3
HT Media
Accumulate
99
113
2,333
2,061
2,205
14.0
15.1
6.6
7.9
14.9
12.7
1.5
1.3
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
94
125
2,963
1,511
1,698
23.2
23.4
6.4
7.3
14.6
12.8
3.6
3.2
25.9
26.6
2.2
1.9
PVR
Neutral
286
1,133
820
1,307
17.3
17.3
11.2
17.8
25.7
16.1
1.2
1.1
9.7
10.8
1.5
0.9
Sun TV Network
Neutral
388
15,289
1,942
2,237
77.2
75.5
17.6
19.1
22.0
20.3
5.3
4.8
25.8
25.2
8.0
6.9
Bhushan Steel
Neutral
455
10,309
10,746
13,982
30.8
31.1
43.3
55.5
10.5
8.2
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Buy
297
368
187,880
66,666
70,292
25.7
27.3
24.2
26.6
12.3
11.2
3.6
2.9
33.1
29.1
1.8
1.6
Electrosteel Castings
Buy
16
28
554
1,984
2,074
10.6
11.6
1.8
2.6
9.1
6.2
0.3
0.1
3.6
5.1
0.5
0.4
Hind. Zinc
Buy
114
149
48,042
12,002
13,759
49.7
50.8
14.7
16.4
7.7
7.0
1.5
1.3
21.1
19.8
2.1
1.5
Hindalco
Neutral
90
17,164
80,205
88,987
9.0
9.2
13.4
13.8
6.7
6.5
0.5
0.5
7.9
7.6
0.6
0.5
JSW Steel
Neutral
619
13,801
39,072
40,493
16.5
18.2
82.4
90.3
7.5
6.9
0.8
0.7
10.7
10.7
0.8
0.8
MOIL
Accumulate
221
246
3,715
933
954
46.9
45.5
25.8
26.1
8.6
8.5
1.3
1.2
16.7
15.1
1.5
1.4
Monnet Ispat
Buy
224
318
1,430
2,287
2,883
21.8
21.8
35.3
40.7
6.4
5.5
0.6
0.5
9.6
10.2
1.8
1.4
Nalco
Buy
36
46
9,342
6,630
8,357
11.4
14.5
2.1
3.3
17.1
11.1
0.8
0.8
4.6
6.9
0.7
0.7
NMDC
Buy
131
178
51,918
9,674
10,329
75.2
73.8
16.0
16.6
8.2
7.9
1.8
1.5
23.6
20.7
3.3
3.0
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
March 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
Sesa Goa
Buy
63
26,188
43,438
56,199
12.0
12.2
6.5
8.5
9.7
7.5
0.6
0.6
6.6
8.2
0.9
0.7
154
183
13,375
2,412
3,911
30.8
33.1
29.6
31.8
5.2
4.8
0.8
0.7
16.3
15.4
7.0
4.3
Sterlite Inds
Tata Steel
Buy
93
110
31,086
43,185
45,442
23.3
23.7
16.8
17.9
5.5
5.2
0.6
0.6
11.6
11.2
0.7
0.6
Buy
322
443
31,283 142,732 146,575
7.4
9.9
7.2
34.7
44.9
9.3
0.7
0.7
1.6
7.5
0.5
0.5
Sarda
Buy
97
148
347
1,442
1,494
19.0
19.1
29.2
31.7
3.3
3.1
0.4
0.4
12.3
12.0
0.6
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
34
52
459
2,512
2,816
12.4
13.7
10.0
12.6
3.4
2.7
0.2
0.2
7.2
8.4
0.5
0.4
Buy
87
112
276
2,367
2,425
14.2
13.7
33.3
33.5
2.6
2.6
0.3
0.3
12.9
11.2
0.6
0.5
Cairn India
Buy
278
383
53,018
17,394
17,034
76.4
72.3
60.8
55.1
4.6
5.0
0.9
0.8
21.9
17.0
2.3
1.9
GAIL
Neutral
320
40,610
48,077
55,815
15.3
15.3
34.9
35.9
9.2
8.9
1.6
1.4
19.0
17.0
0.6
0.4
ONGC
Buy
296
357
253,114 144,089 158,065
32.8
34.7
28.7
34.4
10.3
8.6
1.7
1.5
17.0
18.3
1.5
1.3
Reliance Industries
Neutral
811
261,780 362,700 380,031
8.9
8.9
68.1
71.5
11.9
11.3
1.3
1.2
12.4
11.8
0.7
0.7
Gujarat Gas*
Neutral
253
3,239
3,707
3,850
11.7
12.4
23.7
25.7
10.7
9.8
3.0
2.6
29.6
28.2
0.8
0.7
Indraprastha Gas
Neutral
271
3,788
3,365
3,700
22.8
23.4
25.3
26.6
10.7
10.2
2.5
2.1
26.0
22.6
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
139
179
10,425
32,210
41,362
6.1
5.8
15.4
15.6
9.0
8.9
2.4
2.0
29.1
24.1
0.4
0.3
Neutral
62
3,503
1,079
983
91.8
91.9
8.8
7.8
7.1
7.9
1.2
1.1
17.8
14.1
3.0
3.2
Alembic Pharma
Neutral
105
1,972
1,490
1,714
16.2
17.1
7.4
9.5
14.1
11.0
3.9
3.0
30.7
30.2
1.3
1.1
Aurobindo Pharma
Buy
140
208
4,070
5,463
6,279
15.0
15.0
12.4
14.0
11.3
10.0
1.5
1.2
18.8
17.8
1.4
1.2
Aventis*
Neutral
2,378
5,477
1,482
1,682
17.5
16.6
82.9
87.8
28.7
27.1
4.5
3.6
16.3
14.8
3.7
3.2
Cadila Healthcare
Accumulate
726
817
14,864
6,148
7,386
15.3
18.0
24.6
39.5
29.5
18.4
5.5
4.5
18.4
25.1
2.8
2.3
Cipla
Accumulate
382
419
30,692
8,151
9,130
25.8
24.8
20.2
21.6
18.9
17.7
3.4
2.9
19.4
17.6
3.6
3.1
Dr Reddy's
Neutral
1,752
29,742
10,696
11,662
20.7
21.0
83.7
92.9
20.9
18.9
4.3
3.6
22.4
20.8
3.1
2.8
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
68
155
552
1,280
1,536
20.2
20.2
12.1
15.5
5.7
4.4
0.5
0.5
10.0
11.6
1.2
1.0
2,169
18,370
2,651
2,993
31.7
31.2
76.0
82.4
28.5
26.3
8.3
7.3
20.1
26.3
6.1
5.3
60
78
555
642
784
14.2
15.2
5.7
7.8
10.6
7.7
1.3
1.1
12.9
16.4
1.1
0.9
Accumulate
515
559
6,495
2,850
3,474
21.0
21.0
29.9
37.3
17.2
13.8
4.1
3.3
26.7
26.4
2.5
2.1
Lupin
Neutral
628
28,098
8,426
10,082
19.7
20.0
26.1
31.1
24.1
20.2
5.6
4.5
25.8
24.7
3.5
2.8
Ranbaxy*
Neutral
432
18,265
12,253
11,400
14.1
12.5
31.2
21.6
13.8
20.0
4.5
3.8
37.9
20.6
1.5
1.5
Sun Pharma
Neutral
820
84,818
10,111
12,563
42.6
42.6
28.9
29.8
28.4
27.5
5.8
4.9
22.3
19.2
7.9
6.2
Neutral
74
1,124
1,502
1,535
32.1
31.9
11.4
12.5
6.5
5.9
0.7
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Market Outlook
March 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Buy
140
163
115,065
72,809
81,951
23.4
24.1
12.2
13.6
11.4
10.3
1.4
1.3
12.2
12.5
2.2
2.1
DLF
Buy
231
288
39,249
7,953
9,699
34.7
37.0
4.4
6.0
52.9
38.7
1.5
1.4
3.1
3.8
7.4
5.8
MLIFE
Accumulate
376
446
1,535
786
888
26.3
26.7
31.0
36.3
12.1
10.4
1.2
1.1
10.1
10.8
2.4
2.0
Bharti Airtel
Buy
294
348
111,723
80,521
87,160
30.5
30.5
6.4
10.4
46.0
28.3
2.1
2.0
4.6
7.0
2.2
1.9
Idea Cellular
Neutral
107
35,471
22,087
23,927
26.6
27.7
2.9
3.9
36.6
27.4
2.5
2.3
6.9
8.4
2.2
2.0
Rcom
Neutral
54
11,156
21,087
22,067
31.8
31.9
2.6
4.0
20.6
13.5
0.3
0.3
1.5
2.2
2.3
2.1
13.1
13.5
79.0
90.8
16.8
14.6
3.7
3.1
23.7
22.8
1.2
1.0
Power
NTPC
Real Estate
Telecom
Others
Abbott India
Buy
1,324
1,634
2,814
1,926
2,152
Bajaj Electricals
Buy
174
217
1,739
3,450
3,929
4.5
7.4
10.0
15.5
17.5
11.3
2.3
2.0
13.0
17.4
0.5
0.5
Cera Sanitaryware
Accumulate
444
495
562
460
596
16.4
16.2
34.7
45.0
12.8
9.9
3.1
2.4
27.7
27.8
1.3
1.0
Cravatex
Buy
321
545
83
272
308
7.2
7.3
37.5
45.4
8.6
7.1
2.0
1.6
23.7
22.7
0.4
0.4
CRISIL
Neutral
908
6,376
982
1,136
34.3
34.3
34.3
40.0
26.4
22.7
12.0
9.6
50.9
46.9
6.0
5.0
Finolex Cables
Buy
42
61
647
2,268
2,559
9.5
10.0
9.0
10.1
4.7
4.2
0.7
0.6
14.8
14.6
0.2
0.2
Force Motors
Buy
355
550
463
2,027
2,299
4.6
5.1
35.3
50.0
10.1
7.1
0.4
0.4
3.9
5.3
0.1
Goodyear India
Buy
248
304
573
1,559
1,676
7.1
7.4
27.5
30.5
9.0
8.1
1.5
1.3
16.9
16.7
0.2
0.1
Greenply Industries
Reduce
359
309
867
1,925
2,235
10.6
10.9
29.6
44.1
12.2
8.1
2.0
1.6
16.8
21.0
0.7
0.6
Hitachi
Neutral
Honeywell Automation* Accumulate
135
371
905
1,025
4.8
6.0
7.7
12.4
17.6
10.9
1.7
1.5
9.9
14.4
0.5
0.4
2,560
2,842
2,263
2,117
2,491
8.1
7.8
140.5
157.9
18.2
16.2
2.8
2.4
16.3
15.8
1.0
0.8
Styrolution ABS India*
Buy
575
744
1,012
1,069
1,223
9.7
9.7
40.0
46.5
14.4
12.4
2.0
1.8
15.1
15.3
1.0
0.8
ITD Cementation
Buy
170
239
196
1,455
1,630
12.0
12.1
23.2
31.2
7.3
5.5
0.5
0.4
6.5
8.1
0.6
0.6
Jyothy Laboratories
Neutral
168
2,708
816
979
14.5
14.9
5.2
6.0
32.6
27.9
3.7
3.5
8.8
10.2
3.5
2.8
MCX
Buy
855
1,440
4,358
553
624
65.3
66.3
62.5
72.0
13.7
11.9
3.8
3.3
27.5
27.4
5.2
4.1
MRF
Buy
11,604
14,331
4,922
12,422
13,767
12.9
12.8 1,661.0 1,791.4
7.0
6.5
1.4
1.2
22.0
19.4
0.5
0.5
Page Industries
Accumulate
3,280
3,438
3,658
856
1,047
19.1
19.6
101.2
127.3
32.4
25.8
16.6
12.3
58.5
54.9
4.3
3.6
Relaxo Footwears
Buy
553
887
664
989
1,148
10.7
11.7
41.8
55.5
13.3
10.0
3.0
2.3
25.5
26.3
0.9
0.8
Sintex Industries
Buy
44
79
1,381
4,751
5,189
16.3
16.6
13.6
15.8
3.2
2.8
0.4
0.4
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
239
332
224
1,048
1,157
11.3
12.0
58.7
66.5
4.1
3.6
0.7
0.6
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
256
6,765
7,393
18.1
18.0
6.4
7.5
1.3
1.1
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Buy
29
43
1,395
5,720
6,599
5.3
6.8
3.6
5.4
8.0
5.4
11.6
3.7
0.4
0.3
TAJ GVK
Buy
65
108
407
300
319
35.8
36.2
7.9
9.1
8.2
7.1
1.1
1.0
13.9
14.4
1.7
1.4
Market Outlook
March 26, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
0.7
0.6
15.7
14.7
0.2
0.1
17.5
19.1
0.6
0.6
Others
Tata Sponge Iron
Buy
294
379
452
782
818
16.5
17.0
61.8
65.4
4.8
4.5
TTK Healthcare
Buy
394
655
306
393
439
5.9
6.7
21.1
26.7
18.6
14.8
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India
Accumulate
178
276
136
1,461
1,591
5.6
7.1
6.9
39.4
25.8
4.5
1.0
0.9
3.8
20.6
0.3
0.3
1,851
24,204
10,473
11,939
15.0
15.8
30.4
56.9
60.9
32.5
4.7
3.0
10.8
12.3
3.0
2.3
323
355
655
591
623
17.5
17.2
29.0
29.6
11.2
10.9
1.7
1.5
16.0
14.5
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 25, 2013
Market Outlook
March 26, 2013

Market Outlook Market Outlook: Dealer's Diary

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Market Outlook

March 26, 2013

Positive global cues but domestic political uncertainty weighs

OIL & GAS

Net Inflows (March 22, 2013)

FII Derivatives (March 25, 2013)

Indian Oil Corp

Refer detailed news analysis on the following page

Positive global cues but domestic political uncertainty

TCS wins US$43mn contract from Norway Post

employees in the region. We continue to remain positive and maintain Accumulate

Tamil Nadu blocks GAILs Kochi-Bengaluru pipeline

Economic and Political News

Interest rate on small savings, PPF lowered by 0.1%

Bajaj Finance to enter rural market

Country Event Description

March 26, 2013

New home sales

Euro Zone Euro-Zone Consumer Confidence

Initial Jobless claims

Germany Unemployment change (000's)

GDP Qoq (Annualised)

Germany PMI Manufacturing

Germany PMI Services

Euro Zone ECB announces interest rates

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

March 27, 2013

Industrial Production YoY

Producer Price Index (mom)

Industrial Production (YoY)

Monthly Wholesale Prices YoY%

Real GDP (YoY)

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

Jobless claims change

April 22, 2013

Existing home sales

FOMC rate decision

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone GDP s.a. (QoQ)

Germany GDP nsa (YoY)

April 12, 2013

April 16, 2013

April 17, 2013

May 15, 2013

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

5.3 5.5 5.3

Exhibit 3: Monthly WPI inflation trends

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Source: CSO, Angel Research

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth